If there is a total of 104 weekly instalments and a thirddeposit, find the inter

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Question
If there is a total of 104 weekly instalments and a thirddeposit, find the interest charged
Options
A. 237.55
B. 337
C. 443
D. 334

Correct Answer

237.55

Explanation

Cash price = $3695

Deposit =1/3 of $3695 = $1231.67

Loan amount = $3695.00 ? $1231.67 = $2463.33

Total cost of loan = $25.97 � 104= $2700.88

Interest charged = total amount ? loan
I = A ? P
= 2700.88 ? 2463.33
= 237.55

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Simple Interest problems

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1. A sapphire ring with a marked price of $1800 is offered to the purchaser on the following terms: $200 deposit and the balance to be paid over 24 equal monthly instalments with interest charged at 11.5% p.a. flat rate. Find the monthly repayments
Options
A. $53
B. $42
C. $62
D. $82

2. An investment bond is offered to the public at 9% p.a. Louise buys a bond worth $2000 that will mature in 2 years. How much in total will Louise receive at the end of the 2 years?
Options
A. 3360
B. 2360
C. 4360
D. 5360

3. Townbank offers a term deposit account paying investors 12.5% p.a. simple interest on investments over $100 000 for 2 years or more. Peta decides to invest $150 000 in this account for 2 years. How much interest will Peta earn at the end of the investment?
Options
A. 57500
B. 47500
C. 37500
D. 67500

4. Jaclyn buys $50 000 worth of debentures in a company. She earns 9.5% p.a. simple interest, paid to her quarterly (that is, every 3 months). If the agreed period of the debenture was 18 months: calculate the amount of interest Jaclyn will earn for each quarter
Options
A. 1187.50
B. 1234
C. 1289
D. 1345

5. An amount of $255 was invested at 8.5% p.a. How long will it take, to the nearest year, to earn $86.70 in interest?
Options
A. 2years
B. 3years
C. 4years
D. 5years

6. If there is a total of 104 weekly instalments and a third deposit, find the interest rate
Options
A. 2.82
B. 3.82
C. 4.82
D. 5.82

7. If there is a total of 104 weekly instalments and a third deposit, find: the total cost of the computer
Options
A. 3932.55
B. 4932
C. 5932
D. 6932

8. Determine the exact and ordinary simple interest on a 90-day loan of $8000 at 812 %
Options
A. 150$
B. $160
C. $170
D. $180

9. You deposit $600 into a 6 month certificate of deposit. After 6 months the balance is $618. Find the simple annual interest rate.
Options
A. 5%
B. 4%
C. 6%
D. 7%

10. Rondell's parents borrow $6,300 from the bank for a new car. The interest rate is 6% per year. How much simple interest will they pay if they take 2 years to repay the loan?
Options
A. 556
B. 665
C. 756
D. 856

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